Currency in Burkina Faso XOF - Things to know
Foreign exchange guide to Burkina Faso and the West African franc
What's in this Burkina Faso currency guide?
What currency is used in Burkina Faso?
The official currency of Burkina Faso (country code: BF) is the West African franc, with symbol and currency code XOF.
Loading rates...
|
|
|
Things to know about the West African franc
The West Africa CFA franc (XAF) is the currency of six independent states in Western Africa - Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.
In several central African states the Central African CFA franc (currency code XAF) is in circulation, such as Cameroon - Central African CFA franc. The Central African CFA franc is of equal value to the West African franc. Both XAF and XOF currencies are referred to as the CFA franc.
Travel money for Burkina Faso
Save money and time by Ordering your West African franc online from Travelex, you get better rates and can pick up the XOF cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in West African franc otherwise you may get much worst exchange rates.
Travel Ideas and Money Tips for Burkina Faso
Burkina Faso is a landlocked country located in West Africa. It is bordered by Mali to the north, Niger to the east, Benin to the southeast, Togo and Ghana to the south, and Côte d'Ivoire to the southwest. Burkina Faso has a population of around 20 million people and the official language is French. The currency is the West African CFA franc.
Burkina Faso is a predominantly agricultural country, with farming, livestock, and fishing being the main economic activities. The country is also rich in natural resources, including gold, limestone, and other minerals. However, Burkina Faso is one of the poorest countries in the world and faces a number of challenges, including poverty, food insecurity, and political instability.
Despite these challenges, Burkina Faso has made progress in recent years in areas such as healthcare and education. The country has also made efforts to promote economic development and reduce poverty, including through the development of infrastructure and the promotion of foreign investment. Burkina Faso is a member of the West African Economic and Monetary Union and the African Union.
USD/XOF Market Data
The below interactive chart displays the USD/XOF change and UP📈 DOWN📉 trends over the past 1 Year.
Frequently Asked Questions
What currency should I use in Burkina Faso?
The domestic currency in Burkina Faso is the West African franc.
What is the West African franc currency code and symbol?
The three letter currency code for the West African franc is XOF.
Which countries use the West African franc?
It is the domestic currency in Senegal, Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger and Togo.
Is the West African franc a closed currency?
No, the West African franc is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and XOF?
Here are some popular conversion amounts for USD to XOF (US dollar to West African franc)*.
*Converted at the current USDXOF interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Send Money to Burkina Faso - Best Rates
To get a good (and fair) exchange rate when sending money to Burkina Faso you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Burkina Faso
When sending money to Burkina Faso it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or West African franc amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted XOF amount will be transfered to the recipient account you specify in Burkina Faso.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more West African franc deposited into the recipient bank account and less margins and fees kept by the banks!
Expat Money & Business Guide to Burkina Faso
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Burkina Faso.
How is the economy in Burkina Faso?
The economy of Burkina Faso is primarily based on agriculture, with farming, livestock, and fishing being the main economic activities. The country is also rich in natural resources, including gold, limestone, and other minerals. Burkina Faso is one of the poorest countries in the world, with a GDP per capita of around $780 in 2020.
Despite being one of the poorest countries in the world, Burkina Faso has made progress in recent years in reducing poverty and promoting economic growth. The country's economy has grown at an average rate of around 5% per year in recent years, driven by growth in the agricultural and mining sectors.
However, Burkina Faso still faces a number of challenges, including food insecurity, infrastructure constraints, and political instability. The country is also vulnerable to external shocks, such as fluctuations in commodity prices and changes in the global economic environment.
The government of Burkina Faso has made efforts to promote economic development and reduce poverty, including through the development of infrastructure and the promotion of foreign investment. Burkina Faso is a member of the West African Economic and Monetary Union and the African Union, and has made efforts to improve its business climate and attract foreign investment.
Managing your finances in Burkina Faso
Here we list some key points for expats and businesses to consider when managing financial dealings in Burkina Faso:
Understand West African franc currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the XOF exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local West African franc bank account: A local XOF bank account can make it easier for you to manage your finances and pay bills while you are in Burkina Faso. It may also be more convenient to use a local XOF bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Burkina Faso. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Burkina Faso. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Burkina Faso, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.